Like plumbers confronted with a dodgy boiler, when most people heard that the the International Energy Agency predicted $45 trillion would be needed to cut carbon dioxide levels by 50 percent, they inhaled through their teeth and shook their head disbelievingly, thinking the chances of that cash turning up was somewhat smaller than David Cameron quitting politics to become a professional wrestler.
It seems we’ve all been too hasty.
According to industry watchers New Energy Finance, that amount of investment into clean technology is eminently achievable.
New Energy Finance has stared hard at the numbers and revealed that $148 billion was spent on clean tech last year, up 60 percent on 2006 and 500 percent up on 2004.
Michael Liebreich, Chairman and CEO of New Energy Finance, had this to say about the whole thing:
Our analysis shows, however, that the private sector has already been increasing its investment in clean energy at a very fast pace over the past few years. We believe that if policies create the right incentives, our own expectation of USD 450bn of annual investment in clean energy by 2012 can – and will – be met.”